Safeguarding Your Rights And Future In Legal Storms
When an individual dies, he or she may have left directions for how his or her estate was to be distributed. However, before that can happen, it is important to first inventory the assets in an estate and file a tax return for that estate. This is generally done by an executor of an estate or the trustee under a…
An estate plan is an important means of protecting both your assets and your heirs as you consider strategies for distributing your holdings after your death. This is especially true if your net worth is high. Each person has unique goals based on family dynamics and specific assets, making it advisable to work with an estate planning professional who is…
Minnesota residents are likely familiar with the publicized disputes that sometimes develop between heirs after a wealthy celebrity has passed away. These legal battles are often the result of poor or nonexistent planning on the part of the deceased individual, but this kind of conflict can occur even when a comprehensive estate plan is in place. When the actor and…
Minnesota residents who are in the process of preparing or updating their estate plans may be interested in the lessons that can be learned from several celebrity estate plan disasters. These cases clearly demonstrate the real problems that may be caused in the event estate plans are written hastily, without consideration for tax consequences or if they accidentally disinherit children…
When people are planning their estates, some may want to either set up a charitable foundation or create a trust for charitable purposes. Courts will generally not hold these types of trusts to be invalid if they are unclear or if the charitable beneficiary is uncertain. Instead, if there is a question, courts will try to enforce the purpose of…
For some people in Minnesota, the primary valuable asset they may want passed on after they die is real estate. Real estate may be the residential home in which the person lives or it may involve other real estate holdings. It is possible to ensure the real estate held passes to the person’s intended beneficiaries without necessitating the expense and…
As Minnesota residents may know, probate is the process through which an estate is settled and property is transferred. Generally, this method assures the validity of a will as well as providing a vehicle for cataloging assets as well as identifying and appraising them. Once debt and any taxes owed by the estate are paid, the remaining assets are dispersed…
Minnesota residents who own a second home may need to account for that property in their estate plan. This is important even if they do not use the property, but other family members do. After the owner of the property passes on, it may be difficult or impossible for other family members to jointly own the property. Failing to have…
Individuals in Minnesota who are concerned about the disposition of their estate after they die should keep in mind that there are a number of errors they must beware of regarding beneficiaries. One of the most common is failing to update the beneficiary designation after major life events like births, deaths, remarriages and divorces, but there are many others. Individuals…
Different people have different ideas on what a will should be. Some may think it’s a document drawn up by an attorney and signed in the presence of witnesses. Others may see it as something that can be written up on one’s own on a piece of notebook paper as long as it’s also signed. Neither of these are incorrect,…